Collapsed firm ordered to inject £90m in pensions

The Pensions Regulator ordered Sea Containers, which went into Chapter 11 administration last year, to inject at least £90m into its pension fund or face court action. The watchdog said it was the first time it had issued a financial support direction to extract funds for an occupational pension scheme. The trustees of the company's two final salary funds and the regulator have spent months battling with the company's bondholders, many of them hedge funds based in the US, to support the schemes. The group collapsed last year with debts of $610m (£307m). The pension deficit was $110m of the total.